High Net Worth Child Support
High Net Worth Child Support
As every parent quickly learns, raising children entails many responsibilities—and one of the biggest is supporting them financially. This becomes even more significant in cases of high-net-worth child support in Maryland, where the financial resources involved are substantial. To ensure the financial well-being of the child in high-net-worth scenarios, either spouse can submit a formal request for child support from the other parent.
Regardless of whether you're a custodial parent or non-custodial parent seeking a child support attorney, the complexity of your case is heightened when taking into account the considerable financial resources involved. At Z Family Law, you can enjoy peace of mind knowing that one of our child support lawyers will guide you through the legal proceedings to achieve the best possible outcome for you and your family.
Child Support for High-Income Parents
Child support is an essential order that ensures the financial well-being and lifestyle of a child. It specifies the monthly amount one parent pays to another (or, in some cases, to a third party) to maintain the child's needs. However, if you find yourself in a high-net-worth situation, where you and your ex-spouse's combined annual household income exceeds $360,000, calculating child support in Maryland becomes considerably more complex.
High-net-worth child support cases often involve intricate financial considerations, substantial assets, and potential disputes. Working with a Z Family Law child support attorney in Maryland (Rockville, MD and surrounding areas) can greatly assist in navigating the complexity of your case.
Maryland High-Net-Worth Child Support Calculation
With limited exceptions, child support in Maryland courts must follow a specific set of guidelines used to determine the monthly amount of child support a parent is entitled to when you and your former spouse's combined annual income exceeds $360,000. One option is an extrapolation of the definned formula. Child support guidelines take into account numerous factors:
- Both parents' income
- The number of children being supported
- The physical custody rights of each parent
- Whether either parent is supporting children from other relationships
- Uninsured medical expenses and work-driven childcare costs
- Additional financial and marital assets and other considerations only relevant in limited circumstances
Another option is a lifestyle analysis. At very high income levels, the percentage of income expended on children may not necessarily continue to decline or remain the same. The Court’s underlying principle is that a child's standard of living should be altered as little as possible by the break-up of the family. The Maryland Courts have stated, more than once, that a child is entitled to a standard of living that reflects the economic position of their parents–this is regardless of whether or not their parents were ever married.
Modification of Maryland Child Support
It's essential for parents to have the flexibility to modify child support when circumstances change. In Maryland, you have the opportunity to request a modification of a child support order if there has been a material change in circumstances that affects the best interests of your child.
For instance, if there has been a significant increase or decrease in your income or your co-parent’s income, it could warrant a child support modification. Adjustments to the allocation of parenting time due to parental relocation or other reasons can also be considered.
Our family law attorneys can help you modify your child support in Maryland so it reflects the evolving needs of your child and provides the necessary financial support to support your child’s wellbeing.
Enforcing Child Support Obligations in Maryland: Legal Options and Recourse
The State of Maryland has established robust mechanisms to ensure the well-being of children and hold parents accountable for their obligations to pay child support in Maryland. If either parent is not meeting their obligations, the courts may do any of the following:
- Income Withholding: Child support payments are deducted directly from the noncustodial parent's wages or income.
- Contempt of Court: Hold the non-paying party in contempt of court, resulting in penalties like fines, wage garnishment, seizure of assets (example: money in a bank account), or even incarceration.
- License Suspension: Suspending various licenses (e.g., driver's, professional, recreational) to encourage compliance.
- Tax Refund Interception: Intercepting tax refunds to collect unpaid child support, facilitated through the IRS.
- Liens and Seizure of Assets: Placing liens on property or seizing assets in extreme cases of nonpayment.
A Word of Reassurance: If you're a custodial parent or non-custodial parent struggling to receive or pay your child support obligations, our child support attorneys are here to help.
Finding the Right Child Support Attorney in Maryland
Your children's financial needs are just as important as your own. At Z Family Law, we’re committed to helping you support your children while preserving your fiscal well-being and future.
Our experience includes working with both the recipients and payers of child support, arming us with the insight we need to effectively advocate for your best interest in even the most challenging of circumstances. Our qualified attorneys have decades of experience representing clients in high-net-worth child support cases, and we’re ready to put our collective knowledge to work for you.